Gold Futures: Further pullbacks look shallow

Open interest in Gold futures markets shrunk by almost 1.5K contracts according to preliminary figures from CME Group at the end of last week, reaching the third consecutive session with losses. On the other hand, volume reversed the previous drop and rose by around 97.3K contracts.

Gold met resistance near $2,080/oz
The July-August rally in the precious metal seems to have met the initial hurdle in the $2,080 area per ounce last week. Friday’s negative price in Gold action came in line with the rebound in the greenback and shrinking open interest, leaving the scenario of a deeper correction unfavoured for the time being.